The Mortgage Bankers Association (MBA) released its report on mortgage applications Wednesday morning, and it noted a week-over-week decrease of 0.2% in the group’s seasonally adjusted composite index for the week ending November 27. That followed a decrease of 3.2% for the week ending November 20. Mortgage loan rates decreased slightly on three types of loans last week, remained unchanged on another and increased on one.
On an unadjusted basis, the composite index decreased by 32% week over week. The seasonally adjusted purchase index increased 8%, compared with the week ended November 20. The unadjusted purchase index decreased by 28% for the week and is now 30% higher year over year. This report was adjusted to account for the Thanksgiving holiday.
The MBA’s refinance index decreased by 6% week over week and the percentage of all new applications that were seeking refinancing dropped from 58.7% to 56.6%.
Adjustable rate mortgage loans accounted for 6.1% of all applications, down from 6.4% the prior week.
Mortgage News Daily reports that a 30-year fixed-rate conforming loan averaged 4.00% on Tuesday, in a 52-week range of 3.55% to 4.20%. Loan execution rates for a 30-year fixed-rate mortgage fell in a range of 3.875% to 4.00% on Tuesday, the best day in over a month, according to Mortgage News Daily.
According to the MBA, last week’s average mortgage loan rate for a conforming 30-year fixed-rate mortgage slipped from 4.14% to 4.12%. The rate for a jumbo 30-year fixed-rate mortgage remained unchanged at 3.99%. The average interest rate for a 15-year fixed-rate mortgage ticked down from 3.39% to 3.36%.
The contract interest rate for a 5/1 adjustable rate mortgage loan decreased from 3.19% to 3.11%. Rates on a 30-year FHA-backed fixed-rate loan rose from 3.87% to 3.89%.
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